In a statement, ASIC said Gerard McCormack of South Melbourne was employed at NAB during the time the misconduct took place.
An investigation by ASIC found that between June 2013 and July 2013, Mr McCormack had phoned an industry super fund and falsely represented himself as a member of the fund to obtain information about the member.
He also witnessed his client phone and falsely say they were the same member to gain further personal account information.
Further, Mr McCormack assisted his client to complete and lodge false withdrawal forms, using the information previously obtained, so that all funds were transferred to his client.
ASIC deputy chair Peter Kell said: “When acting on behalf of their clients, financial advisers must not engage in behaviour that is misleading or deceptive. As this case shows, conduct that breaches financial services laws will result in action by ASIC to remove them from the financial services industry.”
Mr McCormack has applied to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Shortly after ASIC’s announcement, NAB said it welcomed ASIC’s action.
NAB Wealth executive manager Greg Miller said Mr McCormack left NAB in September 2013 after concerns around his conduct were raised.
“Advisers must follow all processes and procedures at all times to make sure they are doing the right thing by our customers, but this wasn’t the case for Mr McCormack,” Mr Miller said.
“We want to strengthen our business and ensure we are always open, transparent and take issues impacting customers seriously.”
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My dear Jimmy, ask all your clients about their trust with you and I will ask mine. I know whose clients will have the higher opinion.
Where do you draw that conclusion from George? How do you know? I guess we should we just trust you, because you are a ‘trusted source’…
To Jimmy Neutron: the answer to your question is: a lot less than financial planners.
George, how many accountants have defrauded clients over the years? If we listen to you, you would think it was none, as accountants are the ‘trusted source’. There are numerous cases of people who are accountants first and foremost, who have entered into licensed financial advice, who have been banned from providing financial advice but who can still operate as an accountant, and retain membership of their ‘professional’ body. Trusted for sure.
And ASIC wants these people to do the financial advising?
Only 5 years ?!